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Home »  Products » Insurance Plan » (Plan No. 914, UIN No. 512N277V02) » Eligibility Conditions and Other Restriction

Eligibility Conditions and Other Restrictions

For Basic Plan


Minimum Basic Sum Assured  Rs. 100,000
Maximum Basic Sum Assured per life
(The Basic Sum Assured shall be in multiples of Rs. 5000/-)
No Limit
Minimum Age at entry 8 years (completed)
Maximum Age at entry 55 years (nearest birthday)
Maximum Maturity Age 75 years (nearest birthday)
Minimum Term 12 years
Maximum Term 35 years


For LIC’s Accidental Death and Disability Benefit Rider

1. Minimum Accident Benefit Sum Assured : Rs. 100,000
2. Maximum Accident Benefit Sum Assured :

An amount equal to the Sum Assured under the Basic Plan subject to the maximum of Rs.50 lakh Accident Benefit Sum Assured taking all existing policies of the Life Assured under individual as well as group schemes including policies with in-built accident benefit taken with Life Insurance Corporation of India and the Accident Benefit Sum Assured under the new proposal into consideration.
(The Accident Benefit Sum Assured shall be in multiples of Rs. 5000/-)

Minimum Age at entry 18 years (completed)
Maximum Age at entry The cover can be opted for at any policy anniversary during the policy term but before the policy anniversary on which the age nearer birthday of the Life Assured is 70 years.
Maximum cover ceasing age 70 years (nearest birthday)


Payment of Premiums:
Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly mode (through ECS only) or through salary deductions over the term of policy.
However, a grace period of one month but not less than 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums.

Sample Premium Rates:
Following are some of the sample tabular premium rates (exclusive of service tax) per Rs. 1000/- Basic Sum Assured:






















Mode and High S.A. Rebates:
Mode Rebate:

Yearly mode 2% of Tabular Premium
Half-yearly mode 1% of Tabular premium
Quarterly, Monthly (ECS) & Salary deduction NIL


High Basic Sum Assured Rebate:

Basic Sum Assured Rebate (Rs.)
1,00,000 to 1,95,000 Nil
2,00,000 to 4,95,000 2.00 %o B.S.A.
5,00,000 and above 3.00 % B.S.A.
10,00,000 and above 2.25 % B.S.A.


1. Revival:

If premiums are not paid within the grace period then the policy will lapse. A lapsed policy can be revive within a period of 2 consecutive years from the date of first unpaid premium and before the date of maturity, as the case may be by paying all the arrears of premium together with interest (compounding half-yearly) at such rate as fixed by the Corporation at the time of the payment, subject to submission of satisfactory evidence of continued insurability.
Revival of rider(s), if opted for, will be considered along with revival of the Basic Policy, and not in isolation.

2. Paid-up Value:

If at least three full years’ premiums have been paid and any subsequent premiums be not duly paid, this policy shall not be wholly void, but shall continue as a paid-up policy. The Basic Sum Assured under the policy shall be reduced to such a sum, called Paid-up Sum Assured and shall bear the same ratio to the Basic Sum Assured as the premiums paid bears to the total number of premiums i.e. Basic Sum Assured *(no. of premiums paid / no. of premiums payable).
This Paid-Up Sum Assured along with vested simple reversionary bonuses, if any, is payable on the expiry of policy term or in case of prior death. The reversionary bonuses already accrued to the policy as on the date of paid-up will remain attached to the policy. A paid-up policy will not accrue any further bonuses.
Rider(s) do not acquire any paid-up value and the rider benefits cease to apply, if policy is in lapsed condition.

3. Surrender Value:

The policy can surrendered for cash provided atleast three full years’ premiums have been paid. The Guaranteed Surrender value shall be percentage of total premiums paid (net of service tax) excluding extra premiums and premiums for riders, if opted for. This percentage will depend on the policy term and policy year in which the policy is surrendered and specified as below:


Guaranteed Surrender Value factors applicable to total premiums(147 KB)

In addition, the surrender value of any vested simple reversionary bonuses, if any, shall also be payable, which is equal to vested bonuses multiplied by the surrender value factor applicable to vested bonuses. These factors will depend on the policy term and policy year in which the policy is surrendered and specified as below:

Surrender Value factors applicable to vested bonuses(204 KB)

Corporation may, however, pay Special Surrender value, if it is more favorable to the Policyholder.

4. Policy Loan:

Loan can be availed under the policy provided the policy has acquired a surrender value and subject to the terms and conditions as the company may specify from time to time.

5. Taxes:

Taxes, if any, shall be as per the Tax laws and the rate of tax shall be as applicable from time to time.
The amount of tax as per the prevailing rates shall be payable by the Policyholder on premiums including extra premiums, if any. The amount of tax paid shall not be considered for the calculation of benefits payable under the plan.

6. Cooling-off period:

If the Policyholder is not satisfied with the “Terms and Conditions” of the policy may be returned to us within 15 days from the date of receipt of the policy bond stating the reasons of objections. On receipt of the same the Corporation shall cancel the policy and return the amount of premium deposited after deducting the proportionate risk premium (for basic plan and rider(s), if any) for the period on cover, expenses incurred on medical examination, special reports if any and stamp duty.

7. Exclusion:

Suicide: - This policy shall be void
If the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of risk and the Corporation will not entertain any claim under this policy except to the extent of 80% of the premiums paid excluding any taxes, extra premium and rider premiums, if any, provided the policy is inforce.
If the Life Assured (whether sane or insane) commits suicide within 12 months from date of revival, an amount which is higher of 80% of the premiums paid till the date of death (excluding any taxes, extra premium and rider premiums, if any,) or the surrender value, provided the policy is inforce, shall be payable. The Corporation will not entertain any other claim under this policy.



Last modified date :04/02/2021
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